On the 2nd of November 2022, Polygon announced an integration that allows users to mint and sell Polygon-powered NFTs on Instagram.
One of the two major reasons for the rise of Polygon’s price is the partnership with Instagram and its parent company Meta. The aim is to give creators more control over their content, a new means of interacting with their fans, and a way to monetize the communities they have built.
According to Meta’s announcement the integration is to be tested first in the US, with a select group of creators and subsequently, a possible expansion to users in other countries. The idea is to build a full kit that can handle connecting the Instagram platform to the Polygon network and allow insta users to create NFTs on the Polygon chain, showcase these NFTs on Instagram, and sell them off, all on the Instagram platform.
The tests are already underway and by September, around 100 countries were added to the list of users allowed to connect their wallets and share their digital collections.
Meta is just one company in the list of many that have chosen to use Polygon as their entry into the crypto space. One such other company is JPMorgan. JPMorgan achieved yet another milestone with Polygon by conducting its first DeFi trade with the platform.
The initiative was to focus on more use cases for asset tokenization and decentralized finance. they completed the transaction using token deposits and verified DeFi credentials. And this is the first of such transactions conducted in their industry.
DeFi allows users to interact with each other with the use of smart contracts and the absence of intermediaries. The trade was conducted using tokenized government bonds that were exchanged, verified, and settled without the need for costly bilateral third parties, and settlement intermediaries which are necessary to conduct similar transactions in the traditional market.
Since the conclusion of that first trade, the monetary authority of Singapore (MAS), is currently looking into more areas of collaboration and it is believed that since the first of such trades were conducted on Polygon, more is to follow.
These developments will help Polygon achieve its goal of onboarding another 1 billion users into the crypto space.